Quote:
Originally Posted by BlaqWhole
First off, EVERY manufacturer does this with all their cars. Why do you think those "Bad credit? No credit? No problem" ads exist? Because the person is gonna end up paying a crap load of interest. Dodge, Chevy, and Ford have just been stupid all these years for not doing the same thing with their Muscle Cars like these are some type of elite members only type things. If someone can do that with a Toyota Camry, then why not a Camaro or Challenger? And as stated before, many people have terrible income from one thing or another "divorce, student loans, etc" but very high paying jobs. They certainly can afford a high interest loan. So if they can pay it and if FCA puts it in their hands, then it is of no concern to you what they're paying. And that is IF this is even the case and not some fantasy drummed up or some exaggeration.
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I think some manufacturers and/or dealers do it more than others.
You said that FCA should be congratulated on this, and that is what i disagreed with. I think when you are upside down for the duration of your loan it is borderline greedy and predatory.
I am all for free market but it has to go in all directions... no bailouts for anyone, but that will never happen. if for example post covid, after the loan forbearance ends, a high level of defaults eventually require more bailouts.. yes that is of concern to me. Remember this happened with housing in 2008? The government deemed it was time to tighten up requirements to get a mortgage. with how expensive cars have become over the last even ten years, people's car payments and property values are getting kinda close to each other but pretty much anyone can get a $1k+ car payment, and unlike a house, a car is a depreciating (often quickly) asset.
So anyway, yea kind of a concern to me, and pretty easy to see why this is a bad idea in general.